A05 · PROCESS · cycleGRA dossier · service level R0
GRACapital Markets NexusEstablished
How work moves in this field

How work moves in this field

The Nexus cycle in Capital Markets Nexus: question, evidence, build, organize, test, publish, decide and renew, with the page and owner of each step.

Publisher
The Global Risks Alliance
Field
Capital markets and investment, Financial stability
Canvas · scoping to reviewDesign, not a record
How work moves in this field: a programme through its gatesA request with a named owner becomes a scoping note; inputs are qualified at a gate; delivery runs in workstreams; a controlled test and an independent review precede publication; the owner decides. Design of the process, not a record of a run.

Fig.A programme from scoping to the owner's decision. Design, not a record.

01In brief

The short answer.

The Nexus cycle in Capital Markets Nexus is the eight-step path by which a question in the capital markets and investment field becomes evidence, a Foundry build, an organized community, a controlled test, a publication and a decision taken by the competent authority. Here the evidence step rests on financial economics and macro-finance as well as network science and contagion, and findings feed Global Sector Risk and Resilience.

02Geography

People and exposure in East Asia.

For how work moves in this field, in GRA's spatial-finance reading, the map opens on night lights and population density with night lights tonight from NASA GIBS, framed on East Asia; every other NASA layer, live feed and forecast waits in the layer list.

The interactive map needs JavaScript; the layer list and sources are below.

Layers 2

People and exposure, for this page

Latest available

NASA GIBS / EOSDIS · ASTER GDEM (METI, NASA) · Blue Marble (NASA) · © OpenStreetMap contributors (ODbL) · Natural Earth

Loading the latest NASA imagery.

Drag to move. Ctrl or ⌘ and scroll, pinch or the buttons to zoom; hover for the values under the pointer; reset returns to the region.

For how work moves in this field, in GRA's spatial-finance reading, the map opens on night lights and population density with night lights tonight from NASA GIBS, framed on East Asia; every other NASA layer, live feed and forecast waits in the layer list.Satellite and model products as NASA publishes them, each with its own date; indicators, not assessments of any place; claim ceiling INTEGRATED.

Data: NASA GIBS · ASTER GDEM · Blue Marble · © OpenStreetMap contributors · Natural Earth · GDACS · CIESIN/Columbia, NASA SEDAC HBASE · NASA/NOAA VIIRSSources and licences

  • We acknowledge the use of imagery provided by services from NASA's Global Imagery Browse Services (GIBS), part of NASA's Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • We acknowledge the use of imagery provided by services from NASA's Global Imagery Browse Services (GIBS), part of NASA's Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • VIIRS Black Marble night-time lights, NASA Goddard Space Flight Center; distributed by the NASA Level-1 and Atmosphere Archive and Distribution System (LAADS DAAC); imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • Center for International Earth Science Information Network (CIESIN), Columbia University. 2018. Gridded Population of the World, Version 4 (GPWv4): Population Density, Revision 11. NASA Socioeconomic Data and Applications Center (SEDAC). Licensed under CC BY 4.0. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). CC BY 4.0
  • VIIRS near-real-time products (flood, land surface temperature, snow cover, corrected reflectance), NASA LANCE; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • OMI nitrogen dioxide (Aura) and OMPS aerosol index (Suomi NPP), NASA; distributed by the NASA GES DISC; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • ASTER GDEM is a product of METI and NASA (ASTER Global Digital Elevation Model V003, NASA LP DAAC); imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • Made with Natural Earth. Free vector and raster map data @ naturalearthdata.com. Public domain
  • © OpenStreetMap contributors (ODbL), via NASA GIBS (coastlines, boundaries, roads and place names). Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). ODbL
  • Blue Marble, NASA Earth Observatory; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
  • Context on the globe and flat map: coastlines, boundaries, roads and place names from NASA GIBS reference layers (OpenStreetMap data, ODbL, © OpenStreetMap contributors); Blue Marble imagery as an optional base; 3D terrain and the elevation read-out from the ASTER GDEM elevation colour index (5 m to 200 m classes, exaggerated for legibility). Boundaries are drawn as published and imply no position on any territory.
  • Globe: MapLibre GL JS 6.9.1, BSD-3-Clause, © MapLibre contributors.
  • Live: GDACS (EC JRC / UN OCHA) Events are indicative, not official warnings.
  • Context: CIESIN/Columbia, NASA SEDAC HBASE. Center for International Earth Science Information Network (CIESIN), Columbia University, and NASA Socioeconomic Data and Applications Center (SEDAC): Global Human Built-up And Settlement Extent (HBASE) 2010; Seto, Guneralp and Hutyra 2012, Global Grid of Probabilities of Urban Expansion to 2030; Global Urban Heat Island (UHI) Data Set, 2013.
  • Observed (EO): NASA/NOAA VIIRS (Suomi NPP). We acknowledge the use of imagery provided by services from NASA's Global Imagery Browse Services (GIBS), part of NASA's Earth Science Data and Information System (ESDIS).
  • Optional layers (35 sources in the layer list: live, forecast, observed and context) print their provider credit on the map and here when switched on; forecasts are model output and derived indices are estimates.

Layers and dates

  • Night-time lights, daily: VIIRS Black Marble (VNP46A2), NASA LAADS DAAC · 12 Oct 2026
  • Population density, 2020: Population: CIESIN, Columbia University, Gridded Population of the World v4.11 (2018), NASA SEDAC, CC BY 4.0 · static
  • Flood water, 3-day composite: VIIRS Global Flood Product, NASA LANCE · 14 Oct 2026
  • Land surface temperature, day, 8-day composite: VIIRS NOAA-20 Level 3, 8-day, NASA LANCE · 14 Sep 2026
  • Nitrogen dioxide, lower atmosphere column: OMI Aura, NASA GES DISC · 10 Oct 2026

03The cycle

Eight steps, each with an owner.

  1. QuestionNational, regional or institutional priorityQuestion in Capital Markets Nexus
  2. EvidenceSTEM foundation of the platformEvidence in Capital Markets Nexus
  3. BuildNexus FoundryBuild in Capital Markets Nexus
  4. OrganizeNexus EcosystemOrganize in Capital Markets Nexus
  5. TestNexus Universe (independent site)Test in Capital Markets Nexus
  6. PublishNexus ReportsPublish in Capital Markets Nexus
  7. DecideCompetent authorities and institutions, through Nexus RailsDecide in Capital Markets Nexus
  8. RenewCorrections and the next annual agendaRenew in Capital Markets Nexus
04The cycle here

The Nexus cycle as Capital Markets Nexus runs it.

Each Capital Markets Nexus step leaves a record with its evidence label.

StepIn Capital Markets Nexus
QuestionHow does a physical or policy shock become a margin call?
EvidencePublic CCP disclosures, BIS statistics and issuer asset data
TestA sovereign stress with procyclical margin
DecideHeld by securities regulators and market-structure researchers and other competent institutions, never by Capital Markets Nexus

The Capital Markets Nexus cycle ends with renewal: lessons from each test change the next question, and the record shows what changed and why.

05Owners

Who is responsible at each step.

StepOwner
QuestionNational, regional or institutional priority
EvidenceSTEM foundation of the platform
BuildNexus Foundry
OrganizeNexus Ecosystem: community, chapters, councils, national cells
TestNexus Universe (independent site)
PublishNexus Reports
DecideCompetent authorities and institutions, through Nexus Rails
RenewCorrections and the next annual agenda
06Key terms

Terms used on this page.

Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.

TermDefinition
Nexus cycleThe eight-step loop by which work moves in every Nexus field: question, evidence, build, organize, test, publish, decide and renew, each step with a named owner.
Competent authorityThe body that a law or regulation designates to exercise a given power or duty, such as a supervisor, a civil protection agency or a ministry; only it can take the decisions the law assigns to it.
Peer reviewEvaluation of a work by independent experts in the field before publication.
Market abuseInsider dealing, unlawful disclosure of inside information and market manipulation, as the EU Market Abuse Regulation defines it.
07Sources

Where this page's references lead.

The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.

08Questions

Questions and answers.

Who takes the decision at the end?
The competent authority or institution, under its own rules. The cycle supplies evidence and options; it does not decide.
Capital Markets Nexus

Bring your expertise to this field.

The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.

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